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Diaz-Vazquez, Pilar; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2002

Do firms reduce employment when their insiders (established, incumbent employees) claim higher wages? The conventional … employees (entrants) receive their reservation wages. The reason given is that an increase in insider wages gives rise to a … counterveiling fall in reservation wages, leaving the present value of wage costs unchanged. Our analysis contradicts this …

Persistent link: https://www.econbiz.de/10005123530

Evaluating the Performance of the Search and Matching Model

Yashiv, Eran - C.E.P.R. Discussion Papers - 2005

Does the search and matching model fit aggregate US labour market data? While the model has become an important tool of macroeconomic analysis, recent literature pointed to some significant failures in accounting for the data. This paper aims to answer two questions: (i) Does the model fit the...

Persistent link: https://www.econbiz.de/10005124215

On-the-Job Training, Firing Costs and Employment

Diaz-Vazquez, Pilar; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2004

This Paper explores the influence of on-the-job training on the employment effect of firing costs. It shows that on-the-job training (generating firm specific skills) causes firing costs to have a contractionary influence on average employment (over the booms and recessions of the business cycle).

Persistent link: https://www.econbiz.de/10005123858

Consumption and Savings with Unemployment Risk: Implications for Employment Contracts

Pissarides, Christopher - C.E.P.R. Discussion Papers - 2002

contracts offer severance compensation to smooth consumption during employment without causing moral hazard. A pre … dismissals are optimal if exogenous unemployment compensation is sufficiently generous. …

Persistent link: https://www.econbiz.de/10005124282

Volatility and Development

Koren, Miklós; Tenreyro, Silvana - C.E.P.R. Discussion Papers - 2005

Why is GDP growth so much more volatile in poor countries than in rich ones? We identify four possible reasons: (i) poor countries specialize in more volatile sectors; (ii) poor countries specialize in fewer sectors; (iii) poor countries experience more frequent and more severe aggregate shocks...

Persistent link: https://www.econbiz.de/10005662216

Long-Term Growth and Short-Term Economic Instability

Martin, Philippe; Rogers, Carol Ann - C.E.P.R. Discussion Papers - 1995

When learning-by-doing is at the origin of growth, we show that growth rates should be negatively related to the amplitude of the business cycle if the growth rate in human capital is increasing and concave in the cyclical component of production. Empirical evidence strongly supports this...

Persistent link: https://www.econbiz.de/10005789125

Currency Unions, Economic Fluctuations and Adjustment: Some Empirical Evidence

Bayoumi, Tamim; Prasad, Eswar - C.E.P.R. Discussion Papers - 1995

This paper compares sources of disturbances to output and labour market adjustment in the US currency union compared to a set of EU countries. Comparable datasets comprising 1-digit sectoral data for 8 US regions and 8 European countries are constructed and used to study the relative importance...

Persistent link: https://www.econbiz.de/10005067519

Fiscal Policy: Institutions versus Rules

Wyplosz, Charles - C.E.P.R. Discussion Papers - 2002

The Paper explores how fiscal policy can be made both more disciplined and more counter-cyclical. It first examines whether the decline of public debts observed in the OECD area during the 1990s can be explained either by less activism or by a priority towards consolidation. It then argues that...

Persistent link: https://www.econbiz.de/10005791671

Fiscal Multipliers in Recessions

Canzoneri, Matthew B; Collard, Fabrice; Dellas, Harris; … - C.E.P.R. Discussion Papers - 2015

The Great Recession, and the fiscal response to it, has revived interest in the size of fiscal multipliers. Standard business cycle models have difficulties generating multipliers greater than one. And they also cannot produce any significant state-dependence in the size of the multipliers over...

Persistent link: https://www.econbiz.de/10011145463

Bank and Sovereign Risk Interdependence in the Euro Area

Kollintzas, Tryphon; Tsoukalas, Konstantinos - C.E.P.R. Discussion Papers - 2015

We develop a dynamic stochastic general equilibrium model to study bank risk and sovereign risk interdependence in the Euro Area. We find that an increase in capital investment risk shock, results in a considerably deeper recession when sovereign risk is also present. This result has three...

Persistent link: https://www.econbiz.de/10011201352

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